There were times when one million dollars meant a lot, but the world is changing very fast and the economy is booming is some of the world’s most developed cities. While one million dollars can still take you far in certain places, it will definitely not make you feel rich in the following cities.
68 billionaires and 187 000 millionaires call Hong Kong their home. With such a density of extremely wealthy individuals, Hong Kong offers great growth opportunities for those wanting to get rich. However, the prohibitory cost of living in the city means that you’ll spend your money at an incredibly fast rate, especially since the housing market in Hong Kong is the most expensive in the world. The average home price in the city is approximately 18 times the gross annual median income per household.
Voted one of the most expensive cities in the world for years in a row, Singapore has a millionaire density of 2.80%, which means that one person in 36 in the city is a millionaire. Nearly 160,000 people from Singapore are millionaires and 21 are billionaires. This is unsurprising for a city dubbed as the Asia Pacific center for private banking. Although the city promises an incredible quality of life, the associated costs are discouraging.
Geneva has made the top ten most expensive cities in the world for several years. The cost of living is very high, which makes the city incredibly expensive especially for visitors since the purchasing power of the locals is still great thanks to the high wages. Although a small city, Geneva has 13 residents that are billionaires, yet that’s still not the most impressive thing about it. One is truly astounding is that one in five people living in Geneva is a millionaire. The density of millionaires reaches an incredible 17.92%.
One of the business hotspots of Asia, Beijing is known both for its wealthy residents and for having the priciest housing market in mainland China. Recent data revealed that the average home price at the moment is $5,820 per square meter. The trend shows that the prices have been on the rise for the past few years. The city is thriving and $1 million means nothing in a place that 51 billionaires and hundreds of thousands of millionaires call their home.
The wealthiest and most expensive city in Europe, Zurich has a millionaire density of 27.34%, which means 1314 millionaires live in the city. Most of them work in key industries such as finance, insurance, pharmaceutics, and luxury goods. Due to the high salaries, the cost of living is also very high. From housing to utilities, food or entertainment, price levels are higher in Zurich than in other Swiss or European city.
Palo Alto, California
Known as a tech and startup haven, it is no wonder that Palo Alto, California is one of those places where $1 million will not take you far. 13 billionaire and many millionaires live in the city and most of them are young tech geniuses and entrepreneurs. The richest resident of Palo Alto is Facebook founder Mark Zuckerberg, whose net worth is $44.6 billion.
London, United Kingdom
One of the financial capitals of the world, London’s prosperity has made the city too expensive even for wealthy individuals. Not only that there are 48 billionaires living in London but reports suggest that one in every 30 people is a millionaire. The financial and cultural strength of the city made it home thus to 281 000 millionaires. This has had dramatic consequences for the housing market as property prices are now exorbitant to most residents.
New York, United States
New York is one of the most attractive cities in the world as it provides plenty of opportunities in any area of interest. However, these opportunities come at a high cost. New York is the city with the largest number of millionaires and billionaires in the world. 389 000 residents of New York are millionaires while 79 are billionaires. The city has indisputably higher costs of housing, transportation, food, and entertainment than most places in the United States but residents also have a comparably higher income. Everything costs much more in New York and that includes the basics of life, according to Consumer Price Index reports.
Known as the financial powerhouse of Continental Europe, Frankfurt has 217 000 millionaire residents, which is no surprise considering that the city is home to the German Stock Exchange and the European Central Bank. Besides the wealthy bankers and stock traders, there are plenty of wealthy entrepreneurs in Frankfurt, especially from the transportation industry. The city also hosts numerous business fairs that attract the richest people in the world.
Although it’s just a tiny European city-state, Monaco has the highest number of millionaires per capita in Europe. The density of millionaires is an astounding 29% which means that nearly one in three people in Monaco is a millionaire. A glamorous city, known for its extravagant residents and top class events such as the annual Grand Prix, Monaco is also very exclusivist. Only the ultra-wealthy are able to able to obtain residency in Monaco.
San Francisco, United States
San Francisco is notorious for being one the priciest cities in the United States and in the world. Besides its 29 billionaires, the city is home to an incredible number of rich startup founders and entrepreneurs, most of whom derive their wealth from technology. Estimated reports suggest that the total cost of living in the city is 62.6% higher than the country’s average. To illustrate how expensive is San Francisco, it’s enough to say that the median home price in a metro area is $841, 600.
Being the most visited city in the world’s most visited country, Paris welcomes 15 million visitors per year which indirectly affects the prices, from food to rent. Moreover, the city is the capital of a centralized country, which means that all the high-paying jobs are here. With high salaries come higher prices. The real estate causes headaches even to wealthy French since the popularity of the city convinced many of the world’s richest people to buy homes in Paris. The average rent for a one-bedroom apartment in Paris is $1, 730, which might scare even a millionaire.
As incredible as it sounds, Angola’s capital Luanda is the most expensive city in the world, considering the cost of living. Although it’s not expensive for the local population, Luanda is expensive for foreigners, most of whom move here to work for the international oil conglomerates. Thanks to the booming oil economy, the lack of comfortable and luxurious housing, and the high demand, the cost of living in Luanda is higher than anywhere else in the world. For a two-bedroom apartment in Luanda, an expat has to pay on average $6,800 per month. A millionaire might shy away from choosing Luanda as his place of residence.